Two Logistics Facilities in Warsaw and Prague Changed Hands
- Jul 31, 2014
By Balazs Szekely, Associate Editor
Warsaw, Poland; Prague, Czech Republic—Bokserska Distribution Park in Warsaw and Westpoint Distribution Park in Prague have recently been sold above book value to Czech and British private investors for a total of around $44.4 million. UK & European Investments acquired the Warsaw property and the Central Group picked up the one in Prague.
The seller, Immofinanz Group, is active in the development, management and cycle-optimized sale of sustainable and specially designed properties in premium locations in Austria, Czech Republic, Germany, Hungary, Poland, Romania, Russia and Slovakia. Since its founding in 1990, the company has compiled a high-quality property portfolio with a carrying amount of approximately $9.9 billion.
Located in Warsaw’s southern district of Mokotów, Bokserska Distribution Park is strategically situated between the city center and the airport. The logistically cost effective area near two of the main east-west arterial roads of southern Warsaw also includes office and post-industrial residential developments. Constructed in 2001, the building boasts more than 188,000 square feet of total space and was fully rented at the time of the transaction.
Built in the 1970s, the five main buildings at Westpoint Distribution Park in Prague have around 668,000 square feet of total warehouse, office and external space. Two of the larger logistics buildings are rented to multiple tenants and single tenants use the three smaller ones. The site benefits from two railway sidings with platforms, providing on-site rail distribution facilities linked to the national network. At approximately six miles west of the city center, its location also allows for a good connection to the airport as well as the nearby traffic arteries.
Immofinanz Group intends to focus on the retail and office markets of Poland and the Czech Republic in the future and plans to exit the logistics sector of the two countries, CEO Eduard Zehetner says. “Our focus for the development of logistics properties lies on the core markets of Germany, Romania and Russia,” he adds. Their logistics portfolio includes two more Poland facilities, one in Warsaw just a few miles from Bokserska and one near the city of Częstochowa.